TIMES 5 Fu? 1930.
17
New Low Price for Silver
www.
Bar silver continues to fall in price, and it declined yesterday to a fresh low record -namely, 19 15-16d. per ounce. The fall coincided with the resumption of Chinese dealings on the termination of the Chinese New Year holidays, but it was not ascribed to this cause, for China both bought and sold, and India was a sinall buyer. The weakness was due to large selling on Continental account, mainly French. In all probability the French silver represents old silver coinage melted down and refined, the supply of which is now found to be in excess of the amount required for the new French silver coinage, which consists only of 5f. pieces. These, moreover, are much smaller in size than the old 5f. pieces, owing to the fall in the value of the franc. It is impossible to say how long the French sales on this market will continue, but they add another adverse factor to the many which oppress the silver market. A remarkable statis- tical effort has been inade by one of the firms in the London bullion market. It shows the monthly fluctuations in the price of silver since 1833, together with the yearly average, imports of the metal and exports to the East, and other par- ticulars. Marked steadiness was shown by the price in the first part of the period covered, the yearly average up to 1873 ranging from about 59d. to 62d. Wide fluctuations occurred as a result of the Great War, the average rising from 23 11-16d. in 1915 to 617-16d. in 1920.